Credit unions serve those left behind by banks
African-American Credit Union Coalition President/CEO Renée Sattiewhite and I partnered to set the record straight against recent bank attacks: Credit unions will never apologize for putting people over profit.
Calls for expanding the Community Reinvestment Act (CRA) miss the point that the CRA was created to stop banks from redlining and other discriminatory practices, while credit unions have a demonstrated legacy of serving those banks leave behind.
The real data shows credit unions are more likely to support financial opportunity in minority communities than banks. Credit unions offer a larger share of mortgage loans to black, Hispanic, low-income, and moderate-income borrowers than banks, especially community banks.
Credit unions are focused on communities and delivered $25 billion in benefits in 2022 alone.
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